Meritage Homes Q3 diluted EPS $5.98 (-16% YoY); orders surge 50% to 3,474 homes

Meritage Homes CORP

2023-Q3 EPS reported $14.55

Net earnings $221.8M ($5.98 diluted EPS) vs $262.5M ($7.10) in Q3 2022, down 16%.
Home orders rose 50% YoY to 3,474 units; home closing revenue up 3% to $1.61B.
Home closing gross margin fell to 26.7% from 28.7% due to higher financing incentives.
Q4 2023 guidance: 3,500-3,700 home closings, $1.45-1.53B revenue, EPS $4.84-5.43.
Cash $1.05B; repurchased $45M stock, redeemed $150M of 2025 Notes; maintained $0.27 dividend.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Meritage Homes CORP reported the quarterly period ended September 30, 2023 results: revenue $1,610,317, net income $221,760, EPS $5.98 per diluted share.

Period: the quarterly period ended September 30, 2023
Revenue: $1,610,317
Net income: $221,760
EPS: $5.98 per diluted share
Result: reported results

Exact text from the filing

Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 % Chg 2023 2022 % Chg Homes closed (units) 3,638 3,487 4 % 10,025 9,566 5 % Home closing revenue $ 1,610,317 $ 1,569,032 3 % $ 4,415,261 $ 4,223,435 5 % Average sales price — closings $ 443 $ 450 (2) % $ 440 $ 442 — % Home orders (units) 3,474 2,310 50 % 10,301 9,951 4 % Home order value

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Source: SEC EDGAR

accession 0000833079-23-000146

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